mortgage insurance vs life insurance

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Mortgage Insurance vs. Life Insurance Mortgage Insurance Term Life Insurance Your insurance covers only your mortgage balance. Even though your mortgage debt reduces over time, your premiums remain level. If you take your mortgage to another company, you may lose your existing mortgage insurance and may be required to re-qualify for new mortgage insurance at higher rates. The mortgage lender is automatically the beneficiary. The underwriting is done once a claim is made. No guarantee that your claim will be paid if you answered a question on application incorrectly. The qualifying questions are hard to understand. You can choose from different types of insurance (i.e. term or permanent) with a death benefit to cover more than just your mortgage. Your coverage amount does not decrease over time unless you choose to change it. If you die, the death benefit is paid to your beneficiary who can use it as they see fit, not just to pay off your mortgage If you take your mortgage to another company you keep your existing insurance, so you don’t have to re- qualify. Your coverage is underwritten at time of approval. Unless fraud was committed on the application your benefit will be paid to your family. Mortgage Insurance - CBC Marketplace Video: In Denial Click Here

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Page 1: Mortgage insurance vs life insurance

Mortgage Insurance vs. Life Insurance

Mortgage Insurance Term Life Insurance

Your insurance covers only your mortgage balance.

Even though your mortgage debt reduces over time, your premiums remain level.

If you take your mortgage to another company, you may lose your existing mortgage insurance and may be required to re-qualify for new mortgage insurance at higher rates.

The mortgage lender is automatically the beneficiary.

The underwriting is done once a claim is made. No guarantee that your claim will be paid if you answered a question on application incorrectly.

The qualifying questions are hard to understand.

You can choose from different types of insurance (i.e. term or permanent) with a death benefit to cover more than just your mortgage.

Your coverage amount does not decrease over time unless you choose to change it.

If you die, the death benefit is paid to your beneficiary who can use it as they see fit, not just to pay off your mortgage

If you take your mortgage to another company you keep your existing insurance, so you don’t have to re-qualify.

Your coverage is underwritten at time of approval. Unless fraud was committed on the application your benefit will be paid to your family.

Mortgage Insurance - CBC Marketplace Video: In Denial Click Here